Subsea 7 S.A. · OSL:SUBC
Subsea 7 — Q3 2010 Earnings Presentation
14 slides from Subsea 7's earnings presentation, November 2010
Slide 1: Subsea 7 Inc. Earnings Presentation, Quarter Ended 30 September 2010
Subsea 7 Inc. Earnings Presentation Quarter Ended 30 September 2010 www.subsea7.com 1 subsea partner of choice
Slide 2: Highlights
Highlights Strong project execution in all regions Announced major contracts with a value in excess of USD 400 million during the quarter Anti-trust clearance granted from the relevant US and Norwegian authorities in respect of the proposed combination of the Company with Acergy S.A. www.subsea7.com
Slide 3: Operational Performance by Region: North Sea
Operational Performance by Region North Sea Three months ended 30 September Nine months ended 30 September 334 859 350 294 900 748 800 300 700 250 600 200 500 $m $m 150 400 74 300 175 100 44 98 200 50 100 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2010 2009 2010 2009 • Offshore installa
Slide 4: Africa
Operational Performance by Region Africa Three months ended 30 September Nine months ended 30 September 73 75 65 250 203 172 200 50 150 $m $m 24 77 100 56 25 16 50 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2010 2009 2010 2009 • Operations continued on BP’s Block 18 Life-of-Field projec
Slide 5: Brazil
Operational Performance by Region Brazil Three months ended 30 September Nine months ended 30 September 800 707 250 205 700 200 600 150 121 500 353 $m $m 400 100 300 200 50 19 52 46 7 100 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2010 2009 2010 2009 • Offshore operations commended in r
Slide 6: North America
Operational Performance by Region North America Three months ended 30 September Nine months ended 30 September 32 82 35 90 79 30 27 80 70 25 60 20 50 $m $m 15 40 29 9 30 10 14 3 20 5 10 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2010 2009 2010 2009 • The Skandi Neptune continued to supp
Slide 7: Asia Pacific
Operational Performance by Region Asia Pacific Three months ended 30 September Nine months ended 30 September 29 158 30 175 150 21 125 20 100 54 $m $m 75 48 50 10 5 25 (1) 2 0 0 -25 Revenue Profit Before Tax Revenue Profit Before Tax 2010 2009 2010 2009 • BHP’s Stybarrow project in Australia continu
Slide 8: Backlog at September 2010 and September 2009
Backlog at 30 September 2010 & 30 September 2009 By Region By Contract Type $2,884M $2,976M $2,976M $2,884M 530 564 62 84 202 122 1,891 2,224 954 751 1,254 1,337 993 752 30 Sep 2010 01-Jan-09 30 Sep 2009 01-Jan-10 30 Sep 2010 30 Sep 2009 North Sea Brazil NA AP Africa Lump Sum Day Rate www.subsea7.co
Slide 9: Backlog at September 2010 by Year of Execution
Backlog at 30 September 2010 by Year of Execution Year of Execution $2,884M $1,223M 752 1,891 $573M $573M $515M 253 353 533 993 471 320 162 40 30 Sep 2010 2010 2011 2012 2013 + Lump Sum Day Rate www.subsea7.com 9 subsea partner of choice
Slide 10: Financial Highlights
Financial Highlights Three months ended Nine months ended 30/09/2010 30/09/2009 30/09/2010 30/09/2009 (Amounts in USD millions) Unaudited Unaudited Unaudited Unaudited Revenue 540.8 661.0 1,513.6 1,901.1 Adjusted EBITDA 108.6 140.1 346.3 395.9 Net operating profit 76.3 107.8 248.6 307.6 Profit befor
Slide 11: Cash Flows
Cash Flows Nine months ended 30/09/2010 30/09/2009 (Amounts in USD 1,000) Unaudited Unaudited Net profit 130,682 223,883 Non-cash income statement items 197,269 186,222 Changes in working capital (168,040) (16,994) Cash generated from operations 159,911 393,111 Purchase of property, plant and equipm
Slide 12: Balance Sheet
Balance Sheet At 30/09/2010 At 30/09/2009 At 31/12/2009 (Amounts in USD 1,000) Unaudited Unaudited Audited Assets Non-current assets 1,274,202 1,301,200 1,306,219 Cash and cash equivalents 496,332 195,166 487,251 Other current assets 795,585 991,857 720,739 Current assets 1,291,917 1,187,023 1,207,9
Slide 13: Statement of Changes in Equity
Statement of Changes in Equity Nine months ended 30/09/2010 30/09/2009 (Amounts in USD 1,000) Unaudited Unaudited Equity at start of period 1,187,288 689,666 Shares issued – exercise of options 1,450 231 Repurchase of convertible notes (206) (1,146) Net result for the period 130,682 223,883 Share ba
Slide 14: Adjusted EBITDA
Adjusted EBITDA Reconciliation of net profit attributable to equity shareholders to adjusted EBITDA Three months ended Nine months ended 30/09/2010 30/09/2009 30/09/2010 30/09/2009 (Amounts in USD 1,000) Unaudited Unaudited Unaudited Unaudited Net profit 53,284 86,599 130,682 223,883 Adjustments: Ta